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Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E")

Purchases.....................
E250,000 Freight In.................. E8,000
Sales discounts............. 4,000 Purchase returns........ 7,000
Inventory Sales...................... 400,000
December 31, 20X1..... 20,000 Purchase discounts.... 3,000
December 31, 20X2..... 30,000 Sales returns............. 8,000

Compute the following for Les Fleurs during 20X2: (Do not convert the figures to US dollars.)

Net sales revenue
Cost of goods sold
Gross profit

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Solution Summary

The solution explains how to calculate the net sales revenue, cost of goods sold and gross profit

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1. Net sales revenue

Net sales revenue is gross sales less the sales returns and the sales discounts. Here the gross sales are 400,000, the sales return are 8,000 and the sales discounts are 4,000. The net sales revenue will be 400,000-8,000-4,000=388,000

2. Cost of goods sold

The cost of goods sold is given as goods available for sale - the ending inventory. The goods ...

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